Buda.com reveals the iProUP differences that made it the most important exchange house in Latin America. What will your competitors be?
The crypto-valent ecosystem is going through a complex end of the year. With a sudden decline in the value of currencies and an uncertain future, it faces the challenge of accommodating marked volatility.
However, blocking technology and its opportunities in the financial world are unstoppable. Blockbuster applications are spreading at a fast pace between different industries and giving life to a wide range of companies.
One of them is Buda.com. Born in Chile in 2015, she has now announced her arrival in Argentina. It's one of the exchange (casas de cambio) of the most important cryptoquencies in the region, according to the CoinMarketCap site.
"In 2014, together with my partners, I was able to think about financial services that we could create using technology, such as international remittances or payment facilities for those who do not have access to credit cards. And we realized that for all these ideas we needed an exchange"he explains iProUP Guillermo Torrelba, executive director and co-founder of Buda.com.
"Because it was not one of the quality that gave us confidence, the idea of building Buda.com was born," he adds.
With an initial investment of US $ 600,000 (private) and $ 100,000 from government contributions (states Chile and Colombia), the volume that has so far been carried out within the platform exceeds $ 100 million, with a record of $ 50 million in December 2017 alone. And that already has more than 100,000 active users in Chile alone.
"Our most typical customer is who wants to keep the encryption with us and solve them at any one time, that is one or two or three years later," Torrelba said.
This platform has a differential: it is the first in Latin America – and the third in the world – to incorporate the Lightning Network, a technology that provides the Bitcoin network with scalability.
This means that it allows millions of transactions per second to be done at a minimal cost, so the crypto value achieves the processing speed of a payment similar to that of credit cards.
In this regard, Torrealba says: "It is an essential tool for massaging digital currencies because it offers practically free and instantaneous transactions.
Today, Buda.com is one of the largest Latin American crypto markets, with presence in Chile, Colombia and Peru. It allows them to buy and sell bitcoin, ether and other virtual currencies.
His recent landing in Argentina is not a coincidence, but a long-term strategy for consolidation in the region. At this point, the CEO clarifies that both Chile and Argentina have an important consolidation market, but in the latter they see "greater knowledge in the community of lovers of crypto-vectors".
According to the perspective of a specialist, this is due to the frequent crises that the country has undergone. "Bitcoin was more useful in Argentina for the economic instability it passes through," he argues.
With this current scenario, its goal for 2019 is to establish itself in the country as one of the major investment alternatives.
"We propose that we continue to incorporate new cryptoworks and markets in 2019 and continue to push technologies such as Lightning Network, which we believe can be differentiated in the future of Bitcoin."explains Sebastian Rezano, Country Manager of Argentina de Buda iProUP.
Bitcoin ATMs: Reality in Argentina
In Argentina, regulations have been made more flexible in terms of ATMs, making it easier to install units that process virtual currencies.
As expected iProUP, Athena Bitcoin has installed the first ATM designed to exchange digital currencies, predicting that these machines will soon be breeding in Buenos Aires.
Matias Goldenhorn, director of the Latin American company, said he would initially install 12 ATMs in the city, and then continue to grow.
These units will work with Bitcoin and other encryption such as Litecoin, Ethereum, and Bitcoin Cash.
According to Bitex estimates, the total market in battles in the country ranges between 200,000 and 300,000 users.
Today, Buenos Aires ranks as the second largest market with the largest concentration of this virtual currency worldwide. Thanks to the decentralized and open model (which does not depend on banks or governments), more and more people are turning to this market.
"Everyone can participate in this market"He explained iProUP Manuel Bodrut, co-founder and BPO of Bitex.la, an Argentinean company that provides financial services for the blockade of the battle to buy this currency and make payments.
Local companies, who closely followed this boom (which was not affected by the pendulum suffered by crypto companies during 2018), made bets from a different caliber related to trade based on digital currencies.
In October, Garbarino Viajes became the first travel company to accept battles as a means of payment. It did so through an agreement with Bitex, which offers a variety of services related to blockhead and cryptoworks.
In this way, when the buyer makes the decision about the trip he will make and will arrive in the part of the payment, he will find the chance to pay with BTC.
"At that time, the system will give the exchange rate on which the cryptographic sum will be found and will show exactly which amount should be paid"Said Fabian Shiavo, general manager of Garbarino Viaggi.
The company decided to continue incorporating the digital currency as part of a broader strategy aimed at incorporating block-block technology in the transaction process, as it is the safest alternative to this type of operation.
"We started with Bitcoin, because everything related to the blockhead will revolutionize the market and we have to start somewhere," the CEO added.
On the other hand, the Argentine users of Ripio, a local firm that provides various battlefield services, can now immediately transfer their money to Mercado Pago to their digital wallet.
This is the first alliance of Mercado Libre with a crypto company.
Thanks to direct integration, money transfers between the two platforms are currently running.
Once accredited, Ripio users (more than 200,000) can instantly use their balance to gain battles, to complement the mobile phone, among many other options.
The initiatives do not end there. The bitcoin exchange platform, SatoshiTango, has introduced a service that will allow its users to exchange BTC for money using the RapiPago platform.
According to Matthias Bari, CEO of the launch, you can change the encryption and get the Argentine pesos at any of the 4,000 RapiPago locations set up in the country.
In this regard, he pointed out that the maximum amount available is 10,000 Argentine pesos. To access the service, the user must sell their bets from their account and choose RapiPago as a withdrawal. With the order number and your document, you can withdraw money from anywhere in the chain.
Its exchange platform already has more than 80,000 active monthly users and allows you to buy and sell battles even in dollars or euros.
A broken year
By closing the turbulent year, Bitcoin's price fell nearly 80%. However, in the crypto-ecosystem, they are optimistic because they consider that volatility is typical of the wealth that transited in the initial phase.
"The price of Bitcoin has always been unstable, largely explained because it is a financial asset that is still immature"said the CEO.
He also stressed the importance to look at the set of innovative solutions, the growth of their ecosystem, and not so much the price.
"Perfectly, you can choose a two-year time application and you will notice that Bitcoin's cost has increased by more than 100%," Rezano said.
And closed: "This currency is more lively than ever, but not for those who just appreciate the price, but for those who focus on development and technology"
Trust in digital currencies is full. We need to see if the market, technology and society are becoming more and more frequent so that in 2019.
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